Biobanking Industry Analysis, Leading Players, Growth and Future Scope

NEW YORK - March 16, 2023 - PRLog -- The biobanking market will grow at a CAGR of 6.2% between 2019 and 2024, owing to the increasing prevalence of chronic diseases and the rising number of genomic research activities to study chronic illnesses. According to P&S Intelligence, the market will generate $36.8 billion revenue by 2024. Other factors such as the burgeoning demand for cell lines and the surging need for cost-effective drug discovery will also contribute to the industry growth in the coming years.

The global demand for biobanking products is driven by the rising incidence of chronic diseases, such as Alzheimer's disease, diabetes, and Parkinson's diseases. The WHO estimates that there are more than 55 million dementia patients around the world, currently. As per this international organization, 60–70% of dementia patients are suffering from Alzheimer'. According to the IDF, the population of diabetic patients in the age group of 20–79 years will reach 783 million by 2045.

Currently, the biobanking industry is dominated by Thermo Fisher Scientific Inc., Avantor Inc., BioLife Solutions Inc., Merck KGaA, Tecan Group Ltd., Promega Corporation, QIAGEN N.V., Hamilton Company, Brooks Automation Inc., BioCision, PHC Holdings Corporation, and Becton, Dickinson and Company. In recent years, prominent players have focused on collaborations, product launches and approvals, and acquisitions to consolidate their position. For example, Promega Corporation unveiled Maxwell RSC miRNA plasma and serum kits in February 2019. This product helps in the purification of nucleic acids for researchers in the domain of oncology.

In the coming years, the APAC biobanking industry (https://www.psmarketresearch.com/market-analysis/biobanki...) will demonstrate the fastest growth, due to the booming population, surging public awareness about genome treatment, and increasing clinical research in the region. Research in biobanking can be credited to the mounting investments being made by public and private sector organizations in clinical research. In addition, the strong presence of prominent market players will also boost the market growth in regional countries.

Thus, the growing burden of diabetes, Alzheimer's disease, and Parkinson's diseases and the increasing popularity of preservation of cord blood cells of newborns will facilitate the market growth.